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However, gains in IT, FMCG and auto sectors capped losses to some extent.

Overseas, European shares were trading lower as investors reacted to corporate earnings, fresh turmoil for Turkey and continued fears of a trade war between the US and China. Most Asian stock markets dropped as trade and broader geopolitical concerns continue to weigh over investor sentiment.

The NSE Nifty lost 41.20 points, or 0.36 per cent, to finish at 11,429.50. It had ended at a record high of 11,470.70 yesterday. The Nifty had gained by 226.00 points or 1.99 per cent in its previous five days.

It saw an intra-day movement of about 59.10 points.

On the sectoral front, PSU bank stocks fell by 3.80 per cent followed by metal 1.91 per cent, pharma 1.21 per cent, energy 0.75 per cent, bank 0.69 per cent, media 0.67 per cent and financial service 0.59 per cent.

However, IT rose by 0.52 per cent, FMCG 0.31 per cent and auto 0.24 per cent.